Munich Re Can't Recoup $17.6M For Oil Rig Damages

Law360, London (October 25, 2019, 1:49 PM BST) -- A Lloyd's syndicate has dodged a $17.6 million bill after a judge in London ruled on Friday that it does not owe Munich Re for damages to an oil rig in the Gulf of Mexico, because a broker failed to extend a reinsurance policy.

A High Court judge said that a Lloyd’s syndicate is not required to reimburse Munich Re Capital for damages to an offshore rig, because a broker failed to extend a reinsurance policy. (AP) High Court Judge Sue Carr said that Lloyd’s syndicate Ascot Corporate Name Ltd. is not required to reimburse Munich Re Capital Ltd. for damages...

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